New December Record if Macau; 2013 "Year of the Snake" Could See More - Sterne Agee (LVS) (MPEL) (WYNN) (MGM)

According to the Macau Gaming Inspection and Coordination Bureau, December gross gaming revenue came in at MOP28.2b or +19.6% year-over-year, a new monthly record, and better than Sterne Agee's David Bain December 25 check showing an 18.5% run-rate.

According to Bain's checks, table-only December market share was: SJM at 26.8% (vs November slot-inclusive share of 27.5%), Galaxy at 18.4% (vs 19.2%), LVS (NYSE: LVS) at 20.5% (vs 20.8%), MPEL (NASDAQ: MPEL) at 13.4% (vs 13.8%), WYNN (NASDAQ: WYNN) at 10.2% (vs 10.1%), and MGM (NYSE: MGM) at 10.7% (vs 9.6%).

Commenting on the January outlook, Bain notes that that two weeks of Chinese NY festivities take place beginning February 10 this year, versus January 23 last year. Based on an 8-year historical average, January gross gaming revenue exceeds December by ~8.5%. This year, the firm expects a ~2% MoM increase or +15% YoY GGR result for January.

The firm is expecting more records in 2013, the "year of the snake."

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